NCUA has issued an interim final rule that clarifies the recent final rules amending Regulation DD, the Truth-in-Savings Act (TISA) that changed the disclosure requirements for overdraft protection plans. Compliance with these recent rules was required as of January 1, 2010.
The Federal Reserve Board recently issued substantially similar clarifications to its TISA rules. Under TISA, NCUA must issue rules that are substantially similar to the Fed’s rules. The only differences permitted would be those that address the unique nature of credit unions and the limitations in which they pay dividends on member accounts. Comments on the interim final rule are due to the Federal Reserve by October 4, 2010. Comments may also be submitted to CUNA and are due to by September 22, 2010.
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